Crude Oil Distribution Reversal
Today’s trading day we noticed the London distribution closed slightly bullish with an evident reversal if it broke through 57.30 to the downside. The opening did print one tick higher but nothing to move the market entered. We notice the upward rejection and low volume, therefore, the short was in play. Short trade was at 57.28 reaching over 30 ticks of profit looking for a 50 tick target. The second attempt of the 57.00 failed and a rebound was quick to move causing the exit for +20 ticks.
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